We asked ChatGPT if Bitcoin Ordinals will drive the next BTC market.

TL; DR

Popularity of Bitcoin Turns: These NFT-like features on the Bitcoin blockchain have received a lot of attention, with more than 46 million entries and high transaction fees marked, indicating growing demand. Impact on Bitcoin Value: BTC Ordinals can positively impact the value of Bitcoin through innovation, attracting new users and multiplying Bitcoin use cases. Advantages and Challenges: While BTC ordinals offer market expansion, they also pose risks such as increased blockchain size, high fees, and diversion from Bitcoin's core purpose.

Could Bitcoin Ordinals Contribute to the BTC Bull Run?

Bitcoin Ordinals – the equivalent of non-fungible tokens (NFTs) in the BTC blockchain – have once again caught the attention of the crypto community.

Number of formal articles It exploded In the middle of November. Moreover, BTC payments surpassed Ethereum by a point last month, reflecting the hype around the protocol. The current number of ordinal texts is over 46 million.

That said, it is worth looking at whether BTC Ordinals can play a role in a potential bull run for the leading cryptocurrency in the future. Chatgpty says Ordinals represents a “major advance” in the asset ecosystem, which tracks five major factors.

Creativity and passion were named as most important. BTC Ordinals, an AI-powered language model, will enable a new way to use the Bitcoin blockchain, enabling the “efficient creation of digital artifacts.”

NFT-like volatility is next on the list. Remember that imperishable tokens were very popular during the cryptocurrency bull run of 2021.

ChatGPT also hypothesized that BTC Ordinals could attract more people to the ecosystem, which in turn would increase transaction volume and bring more attention to Bitcoin and “could have a positive impact on its price.”

Market sentiment and diversity are the final aspects to examine. BTC Ordinals could bring in a new class of investors and potentially break down the biggest crypto asset use cases that could strengthen its valuation.

Advantages and disadvantages of BTC mountains

In addition, ChatGPT touched the positive and negative aspects of BTC Ordinals. Revitalizing the ecosystem, attracting new users, expanding the reach of the Bitcoin network, and the potential for new markets and economic activities are cited as the main ones.

On the other hand, BTC Ordinals can move a lot of articles and thus increase the size of the Bitcoin blockchain. This can cause problems with storage and especially affect users running full nodes.

The popularity of ordinals can drive up marketing fees, trigger network congestion, or entice people to post junk content. Some may argue that the BTC regulations could distract Bitcoin from its primary purpose as a store of value and a decentralized digital currency.